BoE Chief Economist Indicates Further Rate Rises Needed
UKPulse Money Desk
Huw Pill, the Bank of England's chief economist, has stated that additional interest rate increases are necessary to address inflation, despite a recent quarter-point rise.
- Huw Pill believes further interest rate rises are needed to combat inflation.
- Last week saw a quarter-point increase in borrowing costs, bringing the rate to 4%.
- Pill described the recent increase as a 'significant step' but indicated 'further to go'.
Huw Pill, the Bank of England's chief economist, has indicated that further increases in borrowing costs will be necessary to combat inflation. This follows a quarter-point rise last week, which brought the interest rate to 4%.
Pill described the recent increase as a "significant step" but added that there was "further to go" with borrowing costs.